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Bryant Back Bay

Just to give everyone a little perspective on the current condo market in Boston, MA, here is a true story….Thursday, a new listing at the Bryant Back Bay came on the market for $1,794,000+$140,000 for a second garage space. Well, based on the feedback, the auction sale prices are in the rear view mirror.

Saturday there were 5 showings, Sunday Open House had 16 groups come through, Monday morning saw 5 more groups come through and unit went Under Agreement Monday afternoon.

Lesson Learned: The luxury condo market is heating up FAST.  For units to be flying off the market this fast in early February is a pretty clear indication that the Spring market is going to be very strong.  Buyers need to be ready to act if the right opportunity presents itself.

*The best advice we can give you is to find a good Buyer’s agent, preferably from LRG;-), who will monitor the market on a daily basis and notify you when your ideal home comes on the market.

Restoration Hardware takes old Louis Space

After Louis of Boston vacated 234 Berkley St., for it’s new home in the trendy Seaport Area, the building quickly began to erode.  The wonderful detail slowly crumbled and everyone in the Back Bay began to wonder what would come of this flagship retail space.  There were rumors of a boutique hotel and even luxury residences.

Well, now we have our answer!!!

Restoration Hardware, a very popular California based luxury furniture company has signed a lease for the 40,000 square foot building at the corner of Boylston and Berkley. At Luxury Residential Group, we feel it is a perfect fit and will be an amazing compliment to the neighborhood.

An evening that was supposed to be a festive celebration took on a somber mood as the Republic of Georgia lost one of its young athletes. Twenty one year old Nodar Kumaritashvili (1988-2010) tragically lost his life on a trial run at what is widely known as the worlds fastest and most dangerous luge tracks at Whistler Mountain. As the athletes were visibly shaken, K.D. Lang sang Hallelujah.  Her singing came from the heart and may go down as one of the best performances in Olympic opening ceremony history.  It moved the audience and the 100′s of millions of people around the World that had the privilege of witnessing the historic event.  Although the song was part of the original plan, it certainly took on different meaning  in light of today’s tragedy.

Luxury Residential Group’s Thoughts:

We applause Google for putting their core principals ahead of their bottom line.  It may be one of the most refreshing, and forever lasting events of our time.  Nothing, throughout history, has been able to force change in China until now. Who would have thunk that Google, an American company, would be able to accomplish something  that no other Government or Human Rights Group could.  We feel that Google will prevail in the end, stay in China and put a huge dent in the Governments stand on censorship.

What does this have to do with Real Estate?

It highlights the fact that no matter how much money is at stake, or how far two parties are apart in a negotiation(could be $500 on a $5 million dollar transaction), one should NEVER challenge or question another’s core principals. It will undoubtedly end all negotiations and profitable relationships moving forward.

Edward Linde - Boston Properties

It was reported today, 1/11/2010, by the Boston Globe and Boston Properties that Edward Linde has passed away due to complications related to pneumonia. Linde was not only known for his role in building one of the countries largest, most successful commercial real estate companies, but more importantly, his donations to the arts community($25 million to the Museum of Fine Arts) as  well as local Boston Hospitals.

Our sympathies and prayers go out to the Linde family.

In a prepared statement, the studio said, “The lender was required to meet a milestone on November 6 and has failed to do so. Consequently, [the studio] exercised its contractual right to cancel the agreement.’’

Developers are still dedicated to the project but with the current economic climate there is no telling when construction and funding will move forward.

LRG’s Two Cents: We would like to see Massachusetts pull through with some assistance.  It makes sense as the studio is going to create thousands of new jobs and produce huge tax revenue for the Bay State. Besides the direct financial benefits, there are also social benefits to the area as well.  High budget, blockbuster films will be shot locally. They will showcase the vibrancy of Boston, bringing tourists, visitors and residents from around the world to our beautiful city.